Jobseekers control the recruiting process in a candidate-driven market, so if yours takes too long, top talent will look to the competition to land a job more quickly. So why is this crucial for the overall success of your company?
Allow me to explain further.
First, you must understand why speed significantly enhances your hiring procedure. Businesses are now looking for qualified individuals to help them go forward as they continue to expand and adapt to the times. But finding that talent is challenging.
In today's job market, there is more demand for expertise than genuine skilled talent. In fact, the demand for some "future crucial" occupations is ridiculous, especially in fields like machine learning, cybersecurity, and quantum computing. The employment environment becomes much more challenging when you add the reality that most skilled personnel are already working.
Studies have shown that already-employed individuals may look for newer opportunities, but if the hiring process is delayed, they may decide to stick with their current job.
When your company has a faster hiring process, you increase the chances of getting more high-quality candidates and make it less likely that candidates will drop out of the process. A quick hiring procedure will improve the quality of hires for the following four reasons:
Now that you are aware of the significance of a quick hiring process, it is time to persuade the decision-makers in your organization to make changes.
How? Show them the money! That is, show the people who make decisions in your organization how much money will be lost if you don't fill that position. Every time an employee quits, show your hiring managers the turnover cost of that position.
Your hiring managers and executives should understand that "time to fill" is now just as important as the quality of the hire when you demonstrate how much money is being lost. To emphasize this point even more, here are two reasons why a lengthy hiring strategy is detrimental to business:
It would be best if you made your hiring process more efficient now to boost morale and find top talent as we move into 2023. If you want insight on how to do this, please reach out. We would be happy to help!